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- VeChain Foundation has released its Q1 report, which shows a certain drop compared to the Q4 of 2022.
- The Foundation assured the investors about its treasury’s healthy state, with more than $1.2 billion assets in, BTC, ETH, stablecoins, and VET.
- The Foundation did not provide any details regarding the quarter’s income as such.
The VeChain Foundation has recently stated that its treasury amassed $1.2 billion in cryptocurrencies as it published its Q1 report, which is a bit of a drop compared to Q4 2021 which recorded it to be $1.38 billion.
However, the foundation behind VeChain just spent nearly 4.1 million during the initial three months of 2022 which was primarily for operational costs and business development.
The report highlights that the Foundation assured the investors that its treasury was in a healthy state, with more than $1.2 billion assets in, BTC, ETH, stablecoins, and VeChain’s native token, VET.
It also talked about the loss incurred in comparison to the last quarter and cited that it was due to crypto market fluctuations and other VeChain Foundation outgoings.
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And regarding the $4.1 million outlaid in Q1, the Foundation spent $1.8 million on ecosystem business development. These comprised wallet providers, custodians, community events, brokers, ecosystem project cooperation, and partnerships. These expenses contributed to the highest spending in the quarter and the others were for the ecosystem operations which costed approximately $1.1 million.
Whereas, when it came to income for the quarter, the Foundation did not provide any details regarding them as such. Apparently, transaction fees as distributed among validators and other stakeholders should have made up an essential source of its revenue, but no fee-related data was disclosed from the report.
VeChain is a layer-one blockchain created to tackle issues in sustainability,
and supply chain. And it constantly strives to expand its blockchain-based carbon management services for countries.
The project earlier announced a collaboration with Amazon Web Service (AWS) to develop the VeCarbon emission management software-as-a-service (SaaS) system for serving China’s carbon neutrality aim in the year 2060.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
